Uniswap protocol’s version 3 systems upgrade has now been integrated successfully on the Polygon Blockchain network after the proposal’s positive feedback from users.
The paradigm shift will increase transaction execution speed marginally and reduce gas fees on the infamous exchange protocol.
Uniswap protocol is a decentralized finance protocol that is used to exchange cryptocurrencies. Uniswap digital labs developed the protocol. The Uniswap exchange is an automated market make; It utilizes intelligent contracts on the Ethereum Blockchain to actuate transactions between cryptocurrency token pairs facilitated by a large pool of liquid funds.
The protocol’s monumental step of launching its previously tested version 3 format on Polygon comes after more than 71.5 million users voted to support the decision on a poll Uniswap conducted.
Over 72 million votes were cast by crypto users globally from start to finish, and most were in favor of the version 3 roll out with just a tiny percentage of 503,000 votes were against the change.
The poll was concluded on the 18th of December, the deployment of Uniswap version 3 subsequently took place five days later, on the 23rd of December.
The New Innovation: Larger Customer Base, More Money
The votes proposal started that the Polygon team looked to roll out its new v3 innovation on the Polygon Blockchain network on behalf of the community and allow members of the community to decide.
The proposal argued the protocol’s case stating that the radical shift and following upgrade will entice more users, generate more liquidity, revenue, and relative capital and facilitate the return of the borderless vision of Defi.
Polygon, a scaling protocol and a framework that builds and connects Ethereum-compatible blockchain networks, has promised a donation of approximately $20 million to support the initiative.
Of the $20 million support funds, $15 million will be added to the AMM’s liquidity pool for long-term sustenance and relevance. The remainder of the funds that can be up to $5illion will be utilized for facilitating the integration of Uniswap’s V3 on its network hub.
Polygon And Uniswap Celebrates
The two crypto giants have celebrated this milestone, admitting that it was a significant move for both network protocols. In addition, Polygon excitedly stated that the partnership move had facilitated the return of its original promise of Ethereum to crypto users.
Uniswap said the partnership would bring several minor and significant improvements to its systems framework as the coalition finetuned the innovation.
The Polygon network hub has succeeded significantly in developing a hive of Ether Blockchain networks that are aggregated to solve scaling problems on the networks. Its marginal success has brought meager and affordable transaction fees and an almost instantaneous transaction execution speed.
Since its inception, Polygon has certified over a billion transaction ls in its system, most of which occurred this year.
Polygon, A Winner In 2021
The Polygon aggregated networks have been exceptional performers in 2021, indicated by its fast network growth and numerous partnerships, which frequently puts them in the industry limelight.
The protocol continued to break and make new milestones this year. For example, the number of its native addresses surpassed 100million earlier in October, an example of its many significant achievements.
At a point in time, earlier this year, the protocol could boast of a daily record that saw its active addresses rival those of Ethereum.